08-13-08 Council Agenda - Laserfiche WebLink

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LITTLE CANADA, MINNESOTA 2442 Rice Street REAL ESTATE SWAP CONTRACT THIS REAL ESTATE SWAP CONTRACT ("Contract"), dated August _, 2008 is between the CITY OF LITTLE CANADA, a Minnesota municipal corporation ("City"), and TERRACE HEIGHTS MOBILE WOME PARK, INC. a Minnesota Corporation ("Terrace Heights"). WHEREAS, City desires to acquire the parcels of land as depicted in Exhibit A that are located at 2404 Rice Street and 93 Gounty Road 82 West in Little Canada, Ramsey County, Minnesota and owned by Continental Baking Company, Inc.; and WHEREAS, Terrace Heights currently owns the underlying rea( estate located at 2442 Rice Street, Little Canada, County of Ramsey, Minnesota more particularly described as Lots A, B, C, and D and as depicted on Exhibit B; and WHEREAS, City desires to provide a route for looping a water main along County Road B2 to tie into Rice Street and add an additional left turn Zane from County Road B2 on to Rice Street that also necessitates the relocation of sidewalk and the addition of landscaping amenities; and WHEREAS, a portion of Lots A, 8, C, and D is needed from Terrace Heights to accomplish the addition of the water main loop, a left turn lane, and landscaping amenities; and WHEREAS, Terrace Heights is willing to exchange land with the City to allow the construction desired by the City while also enabling the reconfiguration of mobile home lots within Terrace Heights to preserve lot income generation capabilities; and WHEREAS, based upon the depiction of Exhibit C, City has agreed to convey Parcel "1" to the Terrace Heights and Terrace Heights has agreed to convey Parcel "2" to City, subject to the terms and provisions of this Contract. NOW, THEREFORE, in consideration of Ten Dollars and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows: 1. Conveyance: Subject to the legal constraints, City agrees to convey to Terrace Heights, and Terrace Heights agrees to acquire from City Parcel 1 with appurtenant easements, if any. Subject to and simultaneously with City's conveyance of Parcel 1, Terrace Heights agrees to convey to City, and City agrees to acquire from Terrace Heights Parcel 2 with appurtenant easements, if any. The exact legal description of the Parcels will be substituted for the descriptions attached in accordance with the surveys obtained by the parties hereto. THE PARCELS ARE SOLD TO AND ACCEPTED BY EACH PARTY "AS IS" AND "WHERE IS", WITH ALL FAULTS, IF ANY, AND WITHOUT ANY WARRANTY WHATSOEVER, EXPRESS OR IMPLIED. 2. Price: Terrace Heights shall pay as additional consideration to City the sum of $10.00 in cash at Closing. S:\HO\Depl\Lega~USLEGAL1Central DivisionlMidwest\0220071 {Lillie Canada)\Contract (revised 02.14.07}doc -1- 2